• Cognizant 20-20 InsightsBuilding a Thriving and ExtendedUtilities Value ChainTo transform from commodity power suppliers...
Utilities’ Traditional                                                                                      the U.S., resp...
•	 Increasing recognition of domestic natural                                             Traditionally, utilities have te...
Utilities Extended Value Chain                                   Utilities Value Chain                                    ...
Traditional vs. Forward-Thinking Utilities                                                                                ...
The Evolving Energy Specialization Industry     •	 EnerNOC: Software and services facilitate             •	 GE Lighting’s ...
drive changes that increase commitment to             •	 Discovery:     In this stage, the ecosystem’s  clean energy resou...
Extended Value Chain Prism Model                                                                                          ...
Approach 2: Consortium Method                                                                       Customer              ...
Approach 3: Point-to-Point Collaboration                                                                        Customer  ...
About the AuthorSanju Nair is a Manager of Consulting, focusing on the power utilities sector within Cognizant BusinessCon...
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Building a Thriving and Extended Utilities Value Chain


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To transform from commodity power suppliers to innovative service providers, utilities must lead an emerging ecosystem that facilitates revenue decoupling, renewable energy and energy efficiency portfolio standards.

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Building a Thriving and Extended Utilities Value Chain

  1. 1. • Cognizant 20-20 InsightsBuilding a Thriving and ExtendedUtilities Value ChainTo transform from commodity power suppliers to innovative serviceproviders, utilities must lead an emerging ecosystem that facilitatesrevenue decoupling, renewable energy and energy efficiencyportfolio standards. Executive Summary Meeting these demands and turning these challenges into opportunities requires a complete The U.S. electric power sector stands at a transformation of the traditional electric utility crossroads, as numerous factors, both internal business model. So while delivering safe and and external, challenge the traditional operating reliable electricity will always form the bedrock of model. The utilities industry has remained operations, the modern utility must now expand unchanged for years, and for good reason: its vision and adapt to changing circumstances Business has remained extremely stable, predict- to deliver energy sustainably to customers and able and insulated from most external macro- generate value for shareholders. economic events. Today, however, utilities face an array of challenges and opportunities amid Traditional Business Imperatives a rapidly evolving information- and technology- driven environment. New approaches to serving Traditionally, the utilities business model has customers by using less energy, cleaner energy revolved around the following four pillars (see and emerging technologies are taking hold, and Figure 1, next page). at the same time, tried-and-true business-as- • Grid security and service reliability: An usual approaches have become more expensive, electric grid has often been described as the complicated and risky. world’s largest machine. Utilities perform the gargantuan task of managing this complex The challenges are unprecedented. The tradi- system every second of the day. tional goals of safety, efficiency and reliabil- ity have become even more important to attain, • Customer service: Serving customers is the even while new global environmental issues arise, foundation of the business, and in this heavily including climate change and national security regulated industry, managing high levels of concerns regarding foreign energy dependence. customer service is a tough task. Meanwhile, future-thinking utilities must also • Environmental responsibility: With 50% of support a growing desire by customers to have the nation’s electricity needs still relying on greater control over their energy use to reduce coal as fuel, utilities have a major role to play in costs and decrease their environmental impact. the environmental discussion. cognizant 20-20 insights | march 2013
  2. 2. Utilities’ Traditional the U.S., responsible for approximately 40% of total emissions (see Figure 2).1Business Imperatives • Projected growth in electricity needs. Demand for electricity is projected to grow Demand Response by about 30% in 2035 over 2005 levels.2 Reliability/Security Most states in the U.S. support climate/clean energy policies, and federal action is likely in the near term that will further increase restric- tions on fossil-fuel-based electricity generation (see Figure 3, next page). Japan’s March 2011 Customer Managing Investments Satisfaction nuclear catastrophe raises further questions about the viability of nuclear generation as a sustainable clean generation source. Today’s utilities face significant challenges, from reducing dependency on fossil fuel and severely Environmental constrained capital expenditures, through Responsibility heightened security requirements. This means relying on technology to optimize operations (such as the smart grid) and increasing col-Figure 1 laboration with fellow utilities and technology providers to identify and develop alternative• Managing investments: Utilities are among viable energy sources. the most asset-intensive of all businesses, making it critical to maintain asset availabil- • Continued declines in production costs for renewable energy technologies. ity, increase asset productivity and enable a stronger return on investment. • Growing support and uptake of regulatory policies to allow utilities to utilize large-scaleSeveral significant and persistent trends are influ- energy efficiency as the lowest-cost energyencing and challenging the traditional utilities resource.business model. Some of the most prominentones include: • Implementation of smart grid technologies that offer utilities and their customers the• The imperative to reduce greenhouse gas information and tools to better manage elec- (GHG) emissions upwards of 80% by 2050. tricity usage. The electric power sector is the largest single source of global carbon dioxide emissions in • Growing interest and activity in the develop- ment of plug-in electric vehicles (PEVs).Assumed Economy-wide CO2 Reduction Target Historical emissions 7 2005 = 5,982 mmT CO2 6 2012 = 3% below 2005 (5,803 mmT CO2) 5 2020 = 17% below 2005 Billion tons CO2 (4,965 mmT CO2) 4 Remainder of U.S. Economy 2030 = 42% below 2005 3 (3,470 mmT CO2) 2 U.S. Electric 2050 = 83% below 2005 1 Sector (1,017 mmT CO2) 0 1990 2000 2010 2020 2030 2040 2050Figure 2 2 80% CO2 reduction by 2050
  3. 3. • Increasing recognition of domestic natural Traditionally, utilities have tended to develop gas as a resource that is less carbon intensive business-technology capabilities in-house. Con- than other fossil fuels for large-scale electric- sidering today’s uncertain economy and the vast ity generation, complementary to renewable challenges they face, utilities need to rethink energy resources and domestically abundant. their core operating assumptions. Given the con- siderable capital and skills requirements neededA utility that deals effectively with these trends to modernize their business,will be better positioned to succeed in both the utilities need to question the Solving theseshort and long terms. Further, such a utility is also viability of relying solely onmore likely to provide better value to its customers in-house capabilities to build challenges will require all the new required capa- close collaborationand earn stronger returns for investors.The far-reaching impact of these issues makes bilities vs. leveraging external among customers, skill sets that are proprietarythem more than just a utilities-only problem; in nature. Finding the best technologists,solving these challenges will require close collabo-ration among customers, technologists, research- solution will be a delicate bal- researchers anders and academia, as well as supportive regulatory ancing act. academia, as well aspolicies that facilitate revenue decoupling, Before delving into under- supportive regulatoryrenewable energy and energy efficiency portfoliostandards. The need exists for an ecosystem — an standing the solution, it is policies that facilitateextended value chain — in which all stakehold- important to understand some revenue decoupling, of the structural changesers can thrive. Such an ecosystem will further happening in the industry renewable energysupport the ongoing transformation of utilitiesfrom simple, regimented, centralized brokers of that flow directly from the and energy efficiencycommodity electric power to complex, diversified, creation of an extended value portfolio standards. chain.innovative service providers equipped to face thefuture. The Extended Value ChainThis necessary transformation brings into focus As a form of energy, electricity offers diversethe important consideration of how utilities can uses and has thus spawned numerous specialtycreate an ecosystem that optimizes expenditures, industry sectors, with far-reaching downstreamleverages the best skills and technologies and impacts (i.e., GHG emissions). As a result,enables the realization of key business impera- extracting efficiency from the energy value chaintives. now requires a holistic strategy that connects downstream and upstream sub-functions. SeveralElectricity Demand Projection 6,000 5,000 Billion kilowatt hours 4,000 3,000 2,000 1,000 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 Historical Projected* * Electricity demand projections based on expected growth between 2006 and 2035Figure 3 cognizant 20-20 insights 3
  4. 4. Utilities Extended Value Chain Utilities Value Chain Extended Value Chain Energy Control Center EV and Transportation Upstream Infrastructure Interconnection Energy Management, Demand Curtailment Power Plant/ Substation Power Plant/ Carbon Cap & Trade Substation Interconnection Energy Storage Downstream Distribution Distributed System Generation Clean Tech Distribution System Distribution System Smart GridFigure 4specialized business sectors are expanding the • Reliability: An increase in the reliability of theability and purpose of the traditional value chain, electrical system through automatic outagesuch as: notification, accelerated service restoration and improved grid asset management.• Electronvolt (EV) and transportation infra- structure: EV, battery switch, charging • Environmental benefits: Reduced emissions technology and other EV transportation infra- through enhanced grid efficiency and less need structure providers. to build new generation, transmission and dis- tribution facilities through increased system• Energy management and demand curtail- load factor and reduced peak demand. ment: Demand-side management (DSM) and load management solutions. • Energy information marketplace: Increased commercial benefits by encouraging the devel-• Carbon cap and trade: Exchanges, traders, etc. opment of a new energy information market-• Energy storage: Battery, flow battery, CAES, place that will provide the tools and services flywheel, ultra capacitors.3 that consumers need to understand and• Distributed generation: Individually owned manage their energy use. generation and grid integrators. Structural Changes Enabling the• Clean tech: Solar, bio fuels, fuel cells. Extended Value ChainThus, the traditional value chain with upstream It has never been more dire for our society toand downstream functions makes the extended focus on extracting as much efficiency as possiblevalue chain a reality (see Figure 4). from existing electricity infrastructure invest- ments. For most utilities, this means increasingThe smart grid has a key role to play as a value- efficiency in generation, on the grid and alsochain integrator in the extended value chain. The at the end-user level, while addressing thelikely benefits of extended value chain integration challenges posed by these mandates. To remaininclude: competitive, utilities must respond to the risks• Granular consumption data: More efficient and opportunities presented by diverse and often real-time energy management through the conflicting objectives, such as the need to address smart grid, as well as the development and climate change, carbon costs, fuel price volatility, use of more energy-efficient appliances, thus emerging clean technologies, energy efficiency reducing peak energy usage by moving less programs, customer expectations and competing critical activities to non-peak times. third-party energy providers. Responding to cognizant 20-20 insights 4
  5. 5. Traditional vs. Forward-Thinking Utilities Utility That Recognizes the Factor Traditional Utility Extended Value Chain Simple, based on steadily increasing elec- Complex, integrated energy services serving Business tricity sales, typically from an expanding diverse and evolving customer needs with an Model asset base of centralized generation and information-enabled infrastructure. traditional delivery infrastructure.* Services Regimented commodized services. Diversified, innovative service provider. Increasing. Flattening (on a normalized base) with Electricity a potential decline, exception being the Demand deployment of new electric vehicles.** Capacity Average cost of new capacity stable or Average cost of new capacity increasing. *** Cost declining. Utility Reliability, customer service, affordability Reliability, environmental quality, service quality, Objectives (low rates), returns to shareholders.**** affordability (low bills), returns to shareholders. Passive Active, equipped with technology and incentives Role of to manage energy consumption and generate Consumer energy.* Although new technologies have been introduced, long equipment lifecycles, standardization and aversion to risk have tended to limit the implementation of innovative transmission and distribution system technology.** New energy services, such as powering electric vehicles, may increase demand, but the net impact is currently unclear.*** The cost of new capacity will be partially offset as low carbon-generating resources become commercially mature.**** Investor-owned utilities, in addition to managing costs, have the goal of earning market-based returns for shareholders, while publicly owned utilities have the goal of minimizing cost for members.Figure 5 these challenges will require new core competen-Investments in Green Technologies cies and a remake of the industry’s value chain. As stated previously, utilities cannot do this all 10,000 alone. To succeed, they need to recognize and manage the emerging extended value chain. 9,000 Figure 5 depicts how a utility that recognizes the 8,000 extended value chain will differ from one that 7,000 does not. Millions ($) 6,000 Thus, successful utilities will continue to own 5,000 customers and their consumption, while new services and products will enable them to effi- 4,000 ciently serve customers by successfully evolving 3,000 and integrating new business capabilities into the extended value chain. This will create a single- 2,000 channel delivery mechanism for all customer 1,000 needs.4 0 Year 2001 2002 2003 2004 2005 2006 2007 2008 The Skill Set/Specialization Landscape Investment The urgency of the challenges facing the utilities ($M) $714 $899 $1,700 $1,800 $2,500 $3,600 $5,180 $10,000 industry has resulted in increased attention from investors and the research community (seeFigure 6 Figure 6). A tremendous amount of investment cognizant 20-20 insights 5
  6. 6. The Evolving Energy Specialization Industry • EnerNOC: Software and services facilitate • GE Lighting’s ESCO: Energy services program. reduced demand and act as an intermediary between customers and utilities. • Earth Aid: Home energy management. • Better Place: Transportation infrastructure, • Comverge: DSM software. battery switch stations. • Opower: SaaS company that licenses its • Energy Curtailment Specialists, Inc.: Energy software to utilities, creating reports on energy curtailment. consumption analysis, with recommendations that customers can use to lower consumption • ConsumerPowerLine: Energy management, DSM. Partners with Honeywell. • EnergyHub: Home energy management, SaaS platform. • Tendril: Energy management technology provider, similar to EnerNOC. • Ecobee: Wi-Fi-enabled programmable thermo- stats. • Coulomb Technologies: Charging station provider; has partnered with Ford Motor Co.Figure 7and cutting-edge research has resulted in the Regulatory Changes Amid the Newrapid development of upstream and downstream Specialization Landscapetechnology specializations (see Figure 7). The regulatory environment may not be able to support the emerging extended value chain;Investments from outside the traditional however, it is widely anticipated that regula-utilities sector are pivoting around how energy tions will evolve as the industry changes andis generated, transmitted and consumed — will encourage energy independence, renewablesomething that any utility can make extensive energy and energy efficiency. These policies,use of. which fall within the purview of state governmentsFigure 8 provides an overview of the specializa- and utility regulatory commissions, include:tion landscape that is emerging in the extended • Clean energy policies: Set an overall directionindustry value chain. This is expected to evolve to align clean energy goals across differentand mature as additional research is conducted government agencies, state and federaland investments are made. regulators and public service commissions andUtilities Industry Expansion Extended Value Chain Specialization Landscape Elements Electric Vehicles Electric Battery Charging EV Hazardous and Transportation Vehicles Technology Technology Transportation Waste Infrastructure Infrastructure Management Energy Management and Energy Home Energy Load Load Curtailment Demand Curtailment Efficiency Management Management Programs Energy Storage Battery Capacitor Individually Owned Distributed Generation Generation Grid Integrators Clean Tech Solar Fuel Cells Bio Fuels Smart GridFigure 8 cognizant 20-20 insights 6
  7. 7. drive changes that increase commitment to • Discovery: In this stage, the ecosystem’s clean energy resources. strategic intent is defined. After understanding the need, a situational analysis of the organi-• Renewable portfolio standards: Incentiv- zation’s strengths, weaknesses, opportunities ize compliance both at the consumption and and threats (SWOT analysis) is conducted, generation stages and reward those parties and critical industry issues are raised. Finally, that deliver results. an external analysis — an assessment of the• Revenue decoupling: Create an innovative evolution of the extended value chain — is policy framework that removes utilities’ undertaken, noting that the ecosystem will inherent disincentive for implementing large- evolve over time. This will give the utility an scale energy efficiency frameworks. idea of the role and the degree of influence it• Effectivenet metering: Promote and incen- has in creating the ecosystem. tivize distributed generation to facilitate Any gap that exists between a utility’s strategic consumer investment in on-site renewable intent, the strengths revealed through the energy generation. SWOT analysis and the capabilities to be• Incentive rate-making: Encourage long-term built into the extended value chain can be “right” investments by making provisions for evaluated on the basis of the utility’s ability to premium returns. deliver against these goals and its impact on the business. Additional aspects to consider• Carbon footprint policies: Set policies that include: incentivize customers and utilities to reduce their carbon footprints. >> Developing an ecosystem hierarchy, in- cluding creation of categories, roles andA Strategic Framework for Assessing protocols.the Extended Value ChainHow can a utility successfully build an ecosystem >> Defining the extended value chain com- ponents that must be considered as a partthat uses the best industry elements? An of the utility’s business.integrated utility is in the best position to nurturethis ecosystem and mentor partners to provide >> Defining the relative importance of thethe highest levels of customer service. For this new extended value chain components toto happen, key questions must be considered, the utility’s business.including: • Formulation: This stage involves the• How can utilities design/build this ecosystem production of a clear set of recommenda- and weave it into their business strategy? tions, with supporting justification and supply• How can they monetize their considerable strategies for accomplishing them. These investment to make this ecosystem possible? findings lead into the prism assessment (see (Utilities’ investments in the extended Figure 9, next page). value chain are said to exceed that of other members.) Regulators will play a defining role, The prism helps utilities assess their unique without question. capabilities, such as “ability to deliver,” which is the ability to deliver extended value chain• How does the ecosystem create standards and benefits. It also ranks external extended value policies (with support of regulators) that enable chain members in categories such as “partici- its members to operate without conflicts? pate, guide and mentor” in relation to utilities’• How can utilities ensure these efforts result in capabilities. This framework serves as a value to stakeholders? guideline for defining the in-house capabilities to be built, areas for collaboration and capabili-• How can utilities develop strong internal capa- ties that are core to the utility’s business and bilities, while leveraging the key capabilities of extended value chain members to maximize should stay in-house. value to stakeholders? • Implementation: This stage is based on the amount of “autonomy” a utility wants to buildWe have developed an extended value chain into the ecosystem. Accordingly, there areframework that distills ecosystem development three approaches that can be followed.into a three-stage activity, comprising discovery,formulation and implementation phases. cognizant 20-20 insights 7
  8. 8. Extended Value Chain Prism Model St ra te Ecosystem Member Involvement gi c In te Mentor nt Ecosystem Hierarchy Guide Participant n* ples Low & EV ortatio xam e* as e rag ent ed nsp Sto Tra eliver s rgy *Pre Ext Ene SM* to D Str end &D lity Low ate gic ed V EM ted ribu n* Abi Imp alue Dist eratio h ncie s Op ort Cha Gen * Hi g pet e era an ech tion ce t in Ele an T eC om s o me Cle Bus nts Cor ine ss Hig Technology Services h Thought SolutionFigure 9Approach 1: Here, a utility creates an open anyone with an idea can be a part of theplayground for collaboration and innovation ecosystem, comply with the legal and commercialamong technology, solution and service providers framework, partner with the ecosystem membersby extending access to its data within a legal and and build an industry-leading solution.mutually acceptable commercial framework (seeFigure 10). The most important aspect of this There are several positive upsides to such anecosystem is controlled and restricted access ecosystem:to data and the safeguarding of the utility’s • It offers high incentives for stakeholders,privacy concerns and business interests. There utilities and customers.are regulatory challenges and privacy concernsregarding access to customer consumption data.5 • The utility maintains control over and governs the ecosystem.It is important to build “openness” into the • Potential exists for large-scale innovation.ecosystem that fosters innovation. This means • The utility remains on the front end.Approach 1: Open Innovation Customer External Stakeholders Utility Customer Interaction Channels Alternate Internet/Paging Network/RF Energy Sources Access to infrastructure EVs & Transportation Smart Makes Utility Utility Consumption data Infrastructure Makes available Meter solutions In-Home available Grid data Display data and Generation data services Thermostat Fuel Storage Load Legal Framework Control Modules Commercial Framework Energy Management Utility Interaction ChannelsFigure 10 cognizant 20-20 insights 8
  9. 9. Approach 2: Consortium Method Customer External Stakeholders Utility Customer Interaction Channels Internet/Paging Alternate Network/RF Energy Sources Solution 1 Solution 2 EVs & Solution 3 Solution 4 Transportation Smart Utility Utility Infrastructure Utility or a utilities Makes Meter Makes services partner In-Home available available collaborates to develop Display guidance best-of-breed solutions expertise Thermostat and services. Load Fuel Storage Control Legal Framework Modules Commercial Framework Energy Management Utility Interaction ChannelsFigure 11Innovations likely to emerge from this ecosystem approach followed by many industries for riskinclude: mitigation when pursuing unchartered waters.• A charging station service provider can design The salient features of this ecosystem include: locations, rates, etc., based on load, grid topography, etc. • Limited to no data access.• Customers can receive consumption alerts • Utility involvement and investments; the and notifications from a third-party (within the responsibility for formulating problem defined customer interaction framework). statements rests with the utility.• Customers can receive tailor-made solutions • Fewer opportunities for innovation and and services for functions such as energy incentives for participants. efficiency, load control. • Similarities with existing one-to-one utility• Common interface and standards can be relationships/partnerships except that this developed for interactions between EVs, model offers a common commercial and legal appliances and the utility. framework, expanding the opportunity for partners to co-innovate and collaborate for• Innovations can be developed, such as appliances mutual benefit. that can communicate with the utility and the customer to determine the optimal timing for Innovations likely to come out of this ecosystem usage (such as a dryer, pool heater, etc.). include:• For functions such as energy management, • Utilities can certify and recommend a certain customers can choose from multiple vendors brand/type of LED lights, solar panels, charging (ie, Google or Cisco), while utilities can use the stations, etc. tools they need to collect and manage data from the smart grid (à la iTunes). • Utilities can leverage a proprietary algorithm of an energy efficiency solution provider toApproach 2: This method is similar to Approach 1 deliver their DSM programs.but with a lot less openness (see Figure 11). In fact,Approach 2 is recommended when security and • Utilities can collaborate to develop and co-brand charging stations, battery switchprivacy issues are insurmountable. This approach stations, etc.allows for point-to-point interactions between theutility and ecosystem members. The additional • Utilities can collaborate with distributedlayer of controls and governance constrains generation infrastructure providers andco-innovation and supports fewer ecosystem integrate their grid and back-end systems.members. This may resemble the consortium cognizant 20-20 insights 9
  10. 10. Approach 3: Point-to-Point Collaboration Customer External Stakeholders Utility Customer Interaction Channels Alternate Internet/Paging Network/RF Energy Sources Legal Framework EVs & Solution 1 Smart Transportation Utility Utility Solution 2 Infrastructure Meter Makes Makes In-Home available Solution 3 available Display guidance expertise Solution 4 Load Thermostat Fuel Storage Control Modules Commercial Framework Energy Management Utility Interaction ChannelsFigure 12Approach 3: In this approach, the utility attempts • Typically, the utility builds on its strengths andto enhance and fine-tune its strategic procure- capabilities core to the business and collabo-ment process to fit the extended value chain (see rates with external stakeholders for the rest.Figure 12). This approach is recommended whenthere are legal and/or commercial challenges to • Utilities may compete with external stakehold- ers for specific functions.building a multi-party ecosystem. Here, a utilitybuilds a narrow consortium of (typically indus- • Opportunities for innovation and incentivestry-leading) technology, solution and service exist for fewer participants.providers. It collaborates individually, with orwithout other partners being involved. This sig- Looking Aheadnificantly reduces innovation and solely relies on The extended value chain concept needs to beindividual collaboration to boost the ecosystem. woven into a utility’s strategy. To reach unprec- edented vistas of operational innovation, utilitiesSalient features of this ecosystem include: must find the right level of partner collaboration with stakeholders whose interests and capabili-• Access to data and utility problem statements ties are properly aligned. This wave of innovation may not be available to ecosystem members. stands to deliver on all macro-economic expecta-• Involvement and investments from the utility tions and, most importantly, generate superior are significantly higher. value to customers and investors.Footnotes1 “The Power to Reduce CO2 Emissions,” Electric Power Research Institute, 2009.2 “Energy Information Administration, Annual Energy Review and Energy Outlook,” U.S. Department of Energy, 2010.3 Sandia National Laboratories, http://www.sandia.gov/ess/project_map/index.html.4 Research from Cleantech Group.5 Sherry Lichtenberg, Ph.D., “Smart Grid Data: Must There Be Conflict Between Energy Management and Consumer Privacy?” National Regulatory Research Institute, 2010, http://www.nrri.org/pubs/telecommu- nications/NRRI_smart_grid_privacy_dec10-17.pdf. cognizant 20-20 insights 10
  11. 11. About the AuthorSanju Nair is a Manager of Consulting, focusing on the power utilities sector within Cognizant BusinessConsulting. He specializes in customer service, asset management and smart grid. Sanju has over 10years of industry experience, including operation and maintenance of captive facilities and workingwith various global leaders. His consulting experience includes designing multiple asset managementsolutions for network and T&D assets, designing a strategic roadmap for smart grid integration andrevamping customer service processes. He can be reached at Sanju.nair2@cognizant.com.About CognizantCognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process out-sourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered inTeaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industryand business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50delivery centers worldwide and approximately 156,700 employees as of December 31, 2012, Cognizant is a member ofthe NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performingand fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant. World Headquarters European Headquarters India Operations Headquarters 500 Frank W. Burr Blvd. 1 Kingdom Street #5/535, Old Mahabalipuram Road Teaneck, NJ 07666 USA Paddington Central Okkiyam Pettai, Thoraipakkam Phone: +1 201 801 0233 London W2 6BD Chennai, 600 096 India Fax: +1 201 801 0243 Phone: +44 (0) 20 7297 7600 Phone: +91 (0) 44 4209 6000 Toll Free: +1 888 937 3277 Fax: +44 (0) 20 7121 0102 Fax: +91 (0) 44 4209 6060 Email: inquiry@cognizant.com Email: infouk@cognizant.com Email: inquiryindia@cognizant.com©­­ Copyright 2013, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by anymeans, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein issubject to change without notice. All other trademarks mentioned herein are the property of their respective owners.